Right to Buy reaches new high
The number of Right to Buy homes sold between April 2012 and April 2013 reached 5,942, the highest level since 2007.
According to the latest figures, released by the Department for Communities and Local Government, this was a doubling from the previous year.
2,449 properties were sold in the first quarter of this year, more than four times the 566 sold during the same period in 2012.
Moves to make more tenants eligible for the Right to Buy, could mean further increases over the coming year.
Currently tenants need to have lived in their council property for at least 5 years before they are eligible, but under measures announced in the Queen’s Speech, this will be reduced to 3 years.
Housing Minister Mark Prisk said: “I’m delighted that so many tenants are choosing to seize the opportunity to get on the property ladder through the reinvigorated Right to Buy.
“As a government we are determined to ensure that whoever you are — whether a prospective first time buyer, an existing homeowner or a social tenant — if you work hard and want to get on, we will support you to move up the property ladder.”
Tenants living in London can now also benefit from a discount of up to £100,000.
Several councils across the country have seen a surge in Right to Buy sales over the past year, increases were as high as 887% in Haringey, 617% in Greenwich and 580% in Welwyn Hatfield.